CandleFocus

Whales are selling Aave (AAVE) despite GHO supply growth

The Aave (AAVE) token may face selling pressure as large whales and market makers are moving their tokens back to centralized exchanges such as Binance and OKX. One whale unstaked a significant amount of AAVE tokens, potentially removing value from the lender's vaults. The transfers to exchanges could be due to a potential Aave buyback program, which would boost the price of AAVE. Despite these developments, Aave remains a dominant lending protocol in the DeFi sector and has gradually grown its vaults and pools. The protocol is also aiming to make GHO a cross-chain stablecoin and has seen an increase in its GHO supply. However, the Umbrella update, which includes new Aave incentives with token burns, is not yet ready.

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